The most cited reason for using a credit card was convenience. This finding indicates that these college students used credit for everyday expenses. In terms of credit card knowledge, only about one-half of the students were aware of the associated fees on credit cards. This represents both the positive and negative aspects of college students' use of credit cards. College students may not be aware of the annual percentage rate or late fees because they don't pay any interest or late fees. On the other hand, this also epitomizes carelessness in relation to credit use because lack of knowledge about these important card characteristics is not a substitute for protection in the case of incurring interest expenses or late fees. These findings are summarized in Table 3. (see table 3)
Students were also asked to indicate their attitude toward credit card usage and credit card use behavior for various expenditure categories. They were then asked to indicate their current credit card balance. Table 4 shows the findings related to attitudes toward credit card usage. When asked whether using a credit card is a good idea or a bad idea, the majority of students answered that it depends on the situation. For example, students answered that it is acceptable for college students to borrow money to finance school related items (93.3%), to cover expenses due to illness (89.5%), and to cover living expenses (74.7%). On the other hand, they thought that it is unacceptable for college students to borrow money to purchase a luxury (89.5%) or to cover the expenses of a vacation (87.5%). (See table 4)
Students were then asked to provide information about how often they used credit cards, and about how much they charged on their credit cards during the previous month. As shown in Table 5, almost one quarter of those students who held credit cards used their cards regularly (often and sometimes) for each category. The most frequent purchases with credit cards included apparel and services, food away from home, and entertainment. The least purchased categories included housing and tobacco products. College students charged the largest amount of money for apparel and services. The average balance for those who held credit cards was $890.42. The average balance for those who carried a balance from month to month was $1,769.85.
Table 6 shows the results from the regression analysis of factors associated with credit attitudes. Among the demo-graphic characteristics, racial/本文来自^优%文~论*文&网原文请找腾讯32491'14 had more positive attitudes toward credit, controlling for other variables. Age, gender, and birth order were not significantly related to the attitude toward credit cards (See table 6).
Among the socioeconomic variables, academic level was significantly related to respondents' attitude toward credit. Specifically, those who were in higher academic years tended to have a negative attitude toward credit compared to those who were in lower academic years, controlling for other factors. Other socioeconomic characteristics such as income, employment status, housing situation, and academic major were not significantly related to the attitude toward credit cards.
Background characteristics were significantly related to attitudes toward credit cards. Those students whose parents used credit cards often had a positive attitude toward credit compared to those who had parents used credit cards less, controlling for other variables. To a lesser degree, students whose parents had credit-related problems tended to have a negative attitude toward credit compared to others, controlling for other variables. Credit card possession was positively associated with the attitude toward credit. Those who possessed credit card(s) had a more positive attitude toward credit compared to those who did not have a credit card.
The two psychological factors were significantly related with the attitude toward credit. Money ethic and locus of control were positively associated with credit. Those who had a positive money attitude (i.e., ethic) and those who exhibited a strong (i.e., higher level) external locus of control tended to have a positive attitude toward credit compared to others, controlling for other factors.
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